The big fall: Will Facebook vanish by 2020?

"Yahoo is still making money. It's still profitable, still has 13,000 employees working for it. But it's 10 per cent of the value that it was at the height of 2000. For all intents and purposes, it's disappeared."

Jackson noted that so far there have been three generations of Internet companies. Yahoo, a Web portal, is a great example as an online pioneer.

Facebook then swept in as the second generation with the wave of social media. The third generation is all about mobile, he said.

The big fall: Will Facebook vanish by 2020?

One of the problems for Facebook is that the company has not been able to monetize its burgeoning mobile base.

Company executives even raised the issue in its pre-IPO filings with the US Securities and Exchange Commission this spring. And that could really hold the company back and give others a chance to flourish in its place.

"Look at how Google has struggled moving into social, and I think Facebook is going to have the same kind of challenges moving into mobile," said Jackson.

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Image: An employee works on a computer at the new headquarters of Facebook in Menlo Park.Photographs: Robert Galbraith/Reuters.